Weekly Business Highlights: Key Developments in Finance, Tech, and Energy
This week has seen significant developments across finance, technology, and energy. From major fundraising initiatives to high-profile leadership changes, let’s take a closer look at the key business updates shaping global markets.
Standard Chartered Raises €1 Billion via First Social Bond
Standard Chartered has successfully raised €1 billion (approximately ?9,400 crore) through its first-ever social bond. Notably, 50% of the proceeds will be allocated to India, supporting small and medium enterprises (SMEs), women-owned businesses, healthcare, education, infrastructure, and food security in emerging markets. This initiative aims to bridge the staggering $4.2 trillion annual investment gap in these regions and promote sustainable economic development.
MOD’s GST Case: Next Hearing on March 24
The Bombay High Court is set to hear Mad Over Donuts' (MOD) ?100 crore tax dispute on March 24. The case revolves around whether donuts should be classified as goods or services under the Goods and Services Tax (GST) framework. MOD argues for classification as composite services under the Central Goods and Services Tax (CGST) Act, which would attract a 5% tax rate for takeaways. However, tax authorities contend that donuts should be treated as goods, subject to a higher tax rate. The verdict is expected to have a major impact on the food and beverage industry.
Intel Appoints New CEO Lip-Bu Tan with $69 Million Compensation
In a significant leadership shift, Intel has appointed Lip-Bu Tan as its new CEO. His compensation package totals $69 million, including a $1 million base salary, performance-based incentives, and $66 million in equity awards. Additionally, Tan has pledged to invest $25 million in Intel shares. His appointment follows Pat Gelsinger's departure, and since the announcement, Intel’s stock has surged by 20%, with a remarkable 15% jump post-announcement.
Saatvik Green Energy Refiles for Rs 1,150 Crore IPO
Saatvik Green Energy has refiled its draft papers for an Initial Public Offering (IPO) to raise ?1,150 crore. The offering includes ?850 crore in fresh shares and ?300 crore via an offer-for-sale. The company plans to utilize the funds for debt repayment and the development of a 4 GW solar photovoltaic (PV) facility in Odisha. Saatvik, which currently operates with a 3.80 GW capacity, reported a staggering 21-fold increase in profits to ?100.4 crore and a revenue surge of 78.8% to ?1,088 crore in FY24.
Polycab Secures ?3,003 Crore BSNL Contract for Bharat Net in Bihar
Polycab India has secured a ?3,002.99 crore contract from Bharat Sanchar Nigam Limited (BSNL) for the Bharat Net project in Bihar. The contract entails designing, supplying, and maintaining the middle-mile network. The project is structured into a three-year construction phase followed by a 10-year operations and maintenance period. Payments will gradually increase from 5.5% to 6.5% of Capex annually. Following this announcement, Polycab’s stock witnessed an uptick in value.
Conclusion
This week has been eventful across various industries, from finance and taxation to technology and renewable energy. As businesses navigate evolving regulations and market dynamics, these developments will significantly impact economic growth and industry advancements.
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